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The 2019 Insurance Board Agenda

The 2019 Insurance Board Agenda

Insurers’ board and audit committee agendas must continue to evolve in 2019 amid the game-changing implications of escalating customer demands, ongoing technology innovation, and new developments in the nature and types of risk.

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Edward J. Chanda

KPMG’s Insurance Practice

KPMG in the U.S.

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While striving to offer new products and services quickly - at prices that simultaneously build their top and bottom lines and are acceptable to retail and commercial customers – insurers are confronting issues that pose challenges and opportunities for insurance industry managers and boards.

Fundamentally, board members, in the oversight roles, must have confidence that senior management can maintain the balance of near-term focus and agility with long-term planning and execution. In our latest article, we highlight six areas for insurance boards and audit committees to consider going forward.

  • The delivery of customized products and services for retail and commercial customers who have been conditioned to “right-now,’’ personalized attention.
  • The recognition that connecting digital transformation with risk management and strategy is more important – and more challenging – than ever.
  • The potential for more mergers and acquisitions (M&A), as well as alliances and joint ventures with insure-tech organizations, which have become more influential with each passing month.
  • Assess, monitor, and reinforce culture as a strategic asset and critical risk.
  • Understand how the finance organization will reinvent itself and add greater value in this technology and data-driven environment.
  • The need to continue to refine boardroom discussions about how well the organization is managing cybersecurity and data privacy issues.

To read more about the Insurance board agenda, download the full report.

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